ABO Wind has reduced its profit forecast for 2019, blaming delays in the project planning process in Germany.
The company now expects a profit for the year of about €10m, having previously said it would exceed last year’s figure of €12.7m.
ABO Wind managing director Jochen Ahn said: “Now that we have updated our business plan as scheduled after the preparation of the annual financial statements, we expect a net profit of around €10m for the current year.”
He added that the delays in Germany will have a “greater impact on the 2019 financial year than we had previously expected”.
Ahn said: “The good news is that these are essentially postponements, so we are confident that we will actually be able to build the majority of the planned wind farms – just later.”
The company said pressure on politicians to act is correspondingly high and so it expects better conditions for the German wind market in the medium term.
Ahn said ABO Wind has significantly increased its involvement in Spain, among other countries.
“We are confident that this commitment will pay-off in the coming years,” he said.
A profit of over €20m is expected from 2023 onwards, Ahn added.